Weird high Hubzu bid

[Simon Stahl]

Hi

I was bidding on a property on hubzu when someone places a weirdly high bid. I'll use random numbers to explain, but the principle is the same. I had the highest bid of 120k. I assume that the reserve is around 150k, because that is the price that the property is listed on the MLS. Someone overbid me with 121k, then the same person with 122k, and then someone else came in with 170k right away. The first two came in within one minute of each other, the super high one came in two minutes later. Non of them was an autobid. I think that is really weird. 170k seems to be like a very optimistic number to still make a profit on that property, but it might be possible IMHO.

What I wonder is, why would someone go that high right away? It would make sense to bid around 150k and enable autobid with the max, but why go in with that high number right away?

One thing I thought of was that someone might try to pull something funny off here. He might have had the highest bid at 122k, then used a different account to place that high bid, so no one else would bid anymore. Then right before the deadline, he revokes his high bid and hopes to win with his 122k bid. But that is really just speculation from my side.

Anyone has ever dealt with a scenario like that? Any idea what could be going on here?

Simon